PHILADELPHIA, Dec. 20, 2018 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT), owner of high-quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations, today announced that its Board of Trustees authorized a new share repurchase program of up to $50 million of the Company’s outstanding common shares. This new program will commence on January 1, 2019 and will expire on December 31, 2019, unless extended by the Board of Trustees.

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Company’s common shares and general market and economic conditions, applicable legal requirements, compliance with the terms of the Company’s outstanding indebtedness and the availability of capital for repurchases.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations. The Company's 48 hotels totaling 7,634 rooms are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and select markets on the West Coast. The Company's common shares are traded on the New York Stock Exchange under the ticker “HT”. For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com